Technologies developed by a company recently backed by the federal government-financed Clean Energy Finance Corporation have attracted overseas interest.
Loganholme, Queensland-based EcoJoule has developed a suite of technologies that can be used by power utilities to help manage the impact of introducing distributed energy resources including rooftop solar, battery storage and electric vehicles.
CEFC has invested $3 million in the company from its Powering Australia Technology Fund which backs businesses that are facilitating the development, commercialisation or take-up of clean energy technologies.
The CEFC commitment contributed to EcoJoule raising commercialisation funding of $15 million earlier this year in a round led by institutional investors Ellerston Capital and Fifth Estate Asset Management.
CEFC head of growth capital Malcolm Thornton said EcoJoule’s technology had attracted international interest. Australia was a pioneer in the transition to renewable energy generation, and particularly solar energy, so many other countries were looking to Australia for guidance and, as far as he was aware, EcoJoule’s technologies were unique.
EcoJoule’s technologies − which can be installed on power poles − address challenges posed by the introduction of distributed energy generation, such as rooftop solar, into low-voltage local electricity networks. Challenges include bidirectional power flows – existing networks were built to accommodate power flowing in one direction – and voltage variability.
EcoJoule’s EcoVAR product uses proprietary software and electronics to synchronise power and correct grid voltage fluctuations across networks.
The company’s EcoSTORE battery technology reduces demand on the grid by storing excess energy generated during the day and releasing it, as needed, at night.
Thornton said: “The energy transition is changing the landscape of Australia’s electricity network and the way that energy is produced and distributed. The EcoJoule technologies address a key challenge in Australia’s transition to net zero by enhancing grid reliability and capacity for distributed generation.
“The Powering Australia Technology Fund growth capital investment strategy supports fast-growth technology companies, and by investing in EcoJoule we are supporting a market-leading Australian technology provider as they scale up and deliver more of their unique network solution to their customers.”
EcoJoule founder and chief executive Dr Mike Wishart said: “The CEFC backing helps us capitalise on the enormous opportunity presented by the global energy transition, both for Australia and internationally.”
Australia generated 18% of its electricity from solar in 2024, up from 7% in 2019 and remains the country with the highest solar generation per capital at 1,8666kWh, over seven times the world average. Under the Australian Energy Market Operator’s integrated system plan for the national electricity market, the market must almost triple its capacity to supply energy by 2050 to replace the generating capacity of retiring coal-fired generators and meet increased electricity consumption as other sectors decarbonise through electrification.
CEFC financing is also supporting access to renewable energy for multi-tenant residential and commercial sites and in the roll-out of smart meter technology to help consumers manage their energy consumption.
The CEFC has committed $25 million from the Powering Australia Fund to Energy Locals, a company that is installing clean energy technologies such as solar panels and battery storage systems in multi-tenanted buildings such as apartment blocks and commercial facilities. In this investment, the CEFC is investing alongside infrastructure fund manager Palisade Impact.
The CEFC has also provided $50 million in loan funding to Intellihub, Australia’s largest provider of smart metering devices, to help the company ramp up the deployment of its smart meters and also to encourage the instalment of smart behind-the-meter devices.
Intellihub is an investee of Pacific Equity Partners and Brookfield.
CEFC has access to more than $32 billion in federal government funding; it invests to help cut carbon emissions while delivering positive financial returns to taxpayers.
Image: An EcoJoule battery system being installed.